Community Bank News & Announcements
Due to Executive Order 20-81 issued by Governor Walz on July 22, 2020, all Community Bank lobbies are closed to the public. To continue to provide you with the best possible customer service, please use one of our convenient options:
- Drive-up windows
- Mobile Banking
- Online Banking
- Contact one of our friendly bankers by phone
COVID Stimulus Payment Scams
We know there’s been a flood of information and updates about the government’s economic impact payments, or so-called stimulus checks, lately. But quickly and safely moving massive amounts of money into the hands of those who need it is a big job with a lot of moving parts.
We also know that the more you know about the process, the less likely you’re going to be tripped up by calls, text messages, or emails from scammers trying to steal your money or personal information.
Here’s what you need to know about the stimulus payments and how to avoid scams related to these payments.
Who will get money?
Adult U.S. residents that meet established income limits are eligible to receive money from the government. This includes:
Taxpayers – people who filed a federal tax return for 2018 or 2019.
Retirees – people who get Social Security, Railroad, or other retirement benefits.
Beneficiaries – people who get public benefits like SSDI, disability, or veterans’ benefits.
Non-filers – people who do not have to file a federal tax return, including people who made no income or made less than $12,200 (or $24,400 for married couples).
What to do
Most people don’t have to do anything to get their money because the IRS will use the same payment method – direct deposit, Direct Express debit card, or paper check – used to send you your tax refund, Social Security, retirement, or other government benefits money. If the IRS doesn’t have your direct deposit information, you can go to the “Get My Payment” feature at irs.gov/coronavirus and let them know where to send your direct deposit.
If you don’t usually file a tax return, go to irs.gov/coronavirus to access the “Non-filer” portal and to figure out what, if anything, you have to do to claim your money.
To check on the status of your payment, you can now use the “Get My Payment” feature at irs.gov/coronavirus.
Avoiding Coronavirus stimulus payment scams
Scammers are using these stimulus payments to try to rip people off. They might try to get you to pay a fee to get your stimulus payment. Or they might try to convince you to give them your Social Security number, bank account, or government benefits debit card account number.
4 tips for avoiding a Coronavirus stimulus payment scam
- Only use irs.gov/coronavirus to submit information to the IRS – and never in response to a call, text, or email.
- The IRS won’t contact you by phone, email, text message, or social media with information about your stimulus payment, or to ask you for your Social Security number, bank account, or government benefits debit card account number. Anyone who does is a scammer phishing for your information.
- You don’t have to pay to get your stimulus money.
- The IRS won’t tell you to deposit your stimulus check then send them money back because they paid you more than they owed you. That’s a fake check scam.
Report scams to the Federal Trade Commission at ftc.gov/complaint.
Changes to IRA Contributions and RMDs
The SECURE Act was signed into law on December 20, 2019. One of the many changes is to require minimum distributions (RMDs) from retirement accounts.
Acknowledging that Americans are living and working longer, the SECURE Act increases the RMD age from 70½ to 72. This change applies to individuals who reach 70½ on January 1, 2020, and after. If you turned 70½ by the end of 2019, you are required to take an RMD for 2019. You have until April 1, 2020 to do so. However, if you turn 70½ on or after January 1, 2020, you will not be required to take an RMD until you turn 72 in 2022.
Americans will also have the option to keep contributing to individual retirement accounts after the age of 70½. This was previously not allowed. In order to contribute to an IRA, an individual must have earned income.
If you have questions regarding making an IRA contributions or taking your RMD, please consult your tax advisor as these decisions have tax implications.
Health Savings Account - Tips & Reminders
If you are enrolled in a high-deductible health insurance plan, you can maintain a Health Savings Account (HSA). An HSA is a tax-advantage medical savings account and a great way to cover the cost of medical and health-care expenses not necessarily covered by an insurance plan. You can make contributions to your HSA throughout the year, up to the annual limit. Any funds remaining at the end of the year will stay in the account and continue to grow tax-free for future qualified medical expenses.
View HSA Limits
HSA Tips & Reminders
• Contributions for 2019 can be made through July 15, 2020. Contributions done online through Online Banking or the Community Bank Mobile App are automatically credited for the 2020 tax year. If you will be making a contribution for the 2019 tax year before July 15, 2020, please call or stop by any of our five Community Bank locations.
• Spouses who have family coverage and both are eligible to make a Catch-up contribution must have a separate HSA and contribute their own $1,000 catch-up contributions to their own account. Money from either account can be used to pay for medical expenses for you, your spouse and your current tax dependents.
• Qualified expenses for HSA use remains the same. Typically, HSA funds can be used for medical expenses related to diagnosis, cure, mitigation, treatment or prevention of disease. Payments to doctors and dentists as well as costs associated with prescriptions and imaging, like MRIs, are covered. For a full list, visit irs.gov
• Please verify the beneficiary information printed on your statements. If you need to update this information, please contact a Personal Banker at any Community Bank location.
• Corrections for tax reporting of distributions must be received by August 17, 2020.
• Corrections for tax reporting of contributions must be received by August 17, 2020.
This content is not intended as legal or tax advice. Federal and state laws and regulations are subject to change. Please see your tax planner or accountant regarding your HSA eligibility.
Primetime Club Events & Newsletters
If you’re age 50 or better and are interested in banking benefits and social events, we invite you to join the Primetime Club! View our Primetime Newsletter for all upcoming events. Current events include:
Important Notice: Community Bank has decided to cancel the card playing group that meets monthly until further notice.
View Primetime Newsletter View Primetime Events